Assessing the real estate market in 2024, the Ministry of Construction said that real estate prices in the market continue to increase, but the rate of price increase for each type at each time, each location, each area in each locality is different. In particular, Hanoi leads in price increase rate.
Accordingly, the price increase for the low-end segment, previously under 30 million VND/m2, has now increased to under 45 million VND/m2.
The mid-range segment, previously priced at 30-45 million VND/m2, has now increased to around 45-70 million VND/m2.
The high-end segment, previously priced at 50-70 million VND/m2, has now increased to 70-100 million VND/m2.
In the super luxury segment, there have appeared a few projects with selling prices from 200 million VND/m2.
The Ministry of Construction said that in 2024, apartment prices in some major cities increased much higher than in 2023.
In Hanoi, apartment prices increased by 40-50% compared to 2023 prices, with some projects increasing even higher.
Some apartment projects in Hanoi have a sharp increase in selling price compared to before, such as Ecolife Tay Ho project at about 72 million VND/m2, Sunshine Garden at about 54 million VND/m2, Chelsea Park - Cau Giay at about 62 million VND/m2, Trang An Complex at about 70 million VND/m2, Legend Tower at 72 million VND/m2.
In Ho Chi Minh City, apartment prices in 2024 will increase by about 20-30% compared to 2023. Some projects and areas have higher increases such as The Horizon Phu My Hung project with a selling price of about 125 million VND/m2, The Ascent about 64 million VND/m2, Lu Gia Plaza about 46 million VND/m2, Osimi Tower about 41 million VND/m2, Stown Tham Luong prices range from 29-44 million VND/m2.
In particular, according to the assessment of the Vietnam Real Estate Brokers Association under the Vietnam Real Estate Association, in some apartment projects, areas and secondary transactions have increased by about 60-70% compared to 2023.
The Ministry of Construction assessed that not only apartments, but also individual housing and land prices will tend to increase sharply in 2024.
In Hanoi, the selling price of individual houses in the project increased by about 30-40% compared to 2023, in some areas and projects, the increase could be up to 60-70%.
According to the market, the common selling price ranges from 100-200 million VND/m2. Some projects have selling prices up to over 300 million VND/m2.
According to Mr. Nguyen Van Dinh - Chairman of the Vietnam Real Estate Brokers Association, the reason for the high price of apartments is the increasing demand of the people.
Meanwhile, new supply to the market is mostly in the high-end segment and there is a lack of affordable housing. Input costs such as construction materials, capital, labor, etc. are increasing, making it difficult for housing prices to decrease in the short term.
According to Mr. Dinh, the large gap between supply and demand, especially in the mid-range and low-end segments, will continue to push real estate prices in central areas of Hanoi and Ho Chi Minh City up by about 7-10% this year.
